Category: News

Column euroschau: saving europe looks different

It looks inconspicuous, but it has it all: ECB boss Draghi. At the beginning of the year he pushed through the controversial purchase of government bonds against opposition in the Governing Council. And he will probably continue to push through his politics.

By Klaus-Rainer Jackisch, HR

He is small, a bit plump and has a mustache. His face smiles friendly at the viewer. The Italian plumber is a bit nondescript. But the man in the red dress with a big "M" on his chest should not be underestimated. Because Super Mario always tries to save the world with a verbal "Mamma Mia" or "It’s a me, Mario". With success!


Column euroschau: no more muddling through!

After the riot at the opening of the ECB skyscraper in Frankfurt a month ago, the ECB Council will probably discuss monetary policy in a much more peaceful manner today. But even without a rampage: The Euro project is more unpopular than ever before.

By Klaus-Rainer Jackisch, HR

Exceptionally today, the Council of the European Central Bank is having its regular meeting this month. Because on the normal Thursday, the ladies and gentlemen have to jet to the meeting of the International Monetary Fund in Washington.


Column euroschau: greece is racing towards the abyss

The Tsipras government has no sense of pragmatic politics. Greece expects further billions in aid without doing much to solve the crisis. The fate of the euro hangs by a thread. All of Europe is threatened with disintegration.

By Klaus-Rainer Jackisch, HR

It was a night and fog action, but it did not remain a secret: Late on Monday evening, Chancellor Angela Merkel hosted French President François Hollande and EU Commission President Jean-Claude Juncker in Berlin. Then the limousines of ECB boss Mario Draghi and IMF boss Christine Lagarde also drove up. The top meeting was about the future of Greece. Apparently, Athens became submitted one final offer.


Column euroschau: ecb has delivered – politics is on the train

The case of Banco Espirito Santo is symptomatic of the industry in southern Europe. Bad loans are making their way through the balance sheet. The cheap money from the ECB does not reach the companies. But it’s not just the banks to blame.

By Klaus-Rainer Jackisch, HR

Avenida da Liberdade is Lisbon’s boulevard. Based on the Parisian model of the Champs-Elysees, it connects the center with the northern districts of the Portuguese capital. Those who are self-conscious stroll here to see and to be seen. Anyone who is even more self-conscious has their office here. And those who are very self-conscious even have their headquarters here.


After meeting in the chancellery: no agreement on the fiscal pact in sight

After unsuccessful talks in the Chancellery on the ratification of the fiscal pact, an agreement between the government and the opposition is apparently again a long way off. The government is facing tough demands on two fronts. The opposition continues to demand a binding timetable for the introduction of a financial transaction tax. And the federal states insist that they be relieved of social spending.

A conversation between the parliamentary group leaders and the minister of the Chancellery, Ronald Pofalla, neither brought an agreement nor did consultations by Federal Finance Minister Wolfgang Schauble. The government and opposition then blamed each other for the standstill.

Further meetings required

"The behavior of the SPD and the Greens shows that they apparently no longer want an agreement this week," said CDU budget politician Norbert Barthle after the talks with Pofalla. "An agreement will probably no longer be possible at the top meeting with the Chancellor on Wednesday, but probably only next week at further meetings."


After meeting in the chancellery: no agreement in the dispute over the fiscal pact

At a meeting of the working groups of the coalition and opposition in the Chancellery on the financial transaction tax and the European fiscal pact, there was no agreement in the evening. There had been "no final, tangible result", said CDU budget politician Norbert Barthle after the negotiators had talked about two hours.

There are still "some points of dissent" and the opposition has also introduced new points. With a view to the peak meeting with Chancellor Angela Merkel on Wednesday, Barthle said that he did not expect an agreement to be reached there.

The FDP financial expert Volker Wissing affirmed that the coalition is in agreement with the opposition for financial market taxation. Attempts are now being made to reach a consensus on Wednesday. However, he admitted: "It is clear that the negotiations are not easy." The representatives of the SPD, the Greens and the Left Party also said after the meeting that they did not believe that a final agreement would be reached on Wednesday.


After mass protests: kyrgyzstan repeats parliamentary elections

Mass protests, hundreds of injuries, resignation of the president – the controversial result of the parliamentary elections in Kyrgyzstan has led to chaos in the former Soviet republic. Elections should now take place again in two months.

After the bloody mass protests in Kyrgyzstan, the parliamentary elections will be repeated. The election commission set December 20 as the new date, as the authority announced in the capital, Bishkek. The presidential election is expected to take place in January.

Falsification allegations after the first election

Initial results of the parliamentary election on October 4th had indicated a majority for parties with ties to the ruling elite. Many opposition parties, on the other hand, missed their entry into parliament. The opposition spoke of buying votes and other irregularities.


After lot has been canceled: how will condor continue?

After the withdrawal of Polish LOT from a Condor takeover, talks between the ailing airline and the federal government continue. Time is of the essence: the company has to repay a KfW aid loan by Friday.

By Michael Immel, ARD aviation expert

The vacation airline Condor needs a second rescue in the coming days. For the 5000 employees, a perspective now needs to be found quickly after the Polish airline LOT canceled the planned takeover.


After lobby affair: "give amthor a second chance"

After the political shitstorm in the lobbyism affair, Philipp Amthor is now getting encouragement from within his own ranks. The acting CDU chief of Mecklenburg-Western Pomerania spoke out in favor of giving him a second chance.

The CDU politician Philipp Amthor, who has come under heavy criticism for lobbying allegations, receives support from party colleagues. The parliamentary manager of the Union faction, Michael Grosse-Bromer, praised Amthor for dealing with the lobby allegations. "Philipp Amthor made a political mistake," said Grosse-Bromer of the "Neue Osnabrucker Zeitung". "He saw that himself and apologized very quickly for this political mistake. I thought that was right and appropriate."

How Amthor’s behavior is to be judged legally is a matter for the Bundestag administration, added Grosse-Bromer. "We should wait for this evaluation first." In principle, secondary activities of MPs are "nothing reprehensible". However, it must be made transparent "for whom I work and that there may be dependencies".


After libor scandal: brussels wants to end interest rate manipulation

After the latest scandals, the EU Commission wants to control the so-called reference interest rates more strictly. So far, the banks have set the Libor and Euribor themselves. In the future, however, these interest rates should be based on objectively comprehensible trading data – and no longer on estimates by traders.

Financial transactions worth several hundred trillion dollars are based on the Libor alone. Every day the banks report the interest rates at which they lend each other money – indices such as the Libor and the Euribor are then determined from this information. Ultimately, almost all interest rates are based on the reference interest rate – including the interest that small savers collect for their daily money or home builders pay for their mortgage loan.

Diluted draft

The draft law that EU Internal Market Commissioner Michel Barnier presented in Brussels, however, is not quite as strict as originally planned. Contrary to earlier considerations, the new European stock exchange regulator Esma will not become the central supervisory authority. Rather, it is planned that Esma will exchange information with the national supervisors – in Germany that would be BaFin.